NV Energy Year-End Earnings Down

By: AP Email
By: AP Email

LAS VEGAS (AP) - NV Energy Inc. says cost controls will be a
priority during the new fiscal year, after reporting net income of
$163.4 million, or 69 cents per share, for 2011.

The year-end figure reported Tuesday compared with net income of
$227 million, or 96 cents per share, for fiscal 2010.

Revenue was down from $3.3 billion in 2010 to $2.9 billion in
the year ending Dec. 31.

Company losses of $25.2 million, or 11 cents a share, in the
fourth quarter were down from a net quarterly income of $14.2
million, or 6 cents a share, a year earlier.

Company chief executive Michael Yackira says fourth-quarter
earnings were affected by completion of a Harry Allen power plant
expansion near Las Vegas, the timing of power plant outages and
several accounting adjustments.

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